As per the Motor Vehicle Act in India it is mandatory for all vehicle owners to possess an insurance policy for their vehicles. In spite of this, most people in India still do not have vehicle insurance policy and those who do, forget to renew it in the following years. It is however of utmost importance that people renew their bike insurance in order to steer clear of having to pay the remunerations in case of accidents, theft etc.
Here are a few things that one should keep in mind while renewing their bike insurance policy:
- Renewal before expiry- It is always advisable that one should not wait till the expiry of their previous policy before going for renewal. In fact it is suggested that the renewal be carried out 30-45 days before the expiry of the old one. Make sure to keep a track of the expiry dates and set reminders accordingly.
- Have a thorough knowledge about the features of your policy- In case you are looking to renew the same policy again you should keep yourself updated with all its features. You should be well acquainted with all the benefits that the policy claims to give and in case you want to upgrade anything you can easily opt for it.
- Policy comparison- It is always recommended that you keep all your options open. Everything is available online these days and therefore policy comparisons are no longer a cumbersome job. You are just a click away from checking different policy options online and choosing the one that suits your requirements, the best. In case you want more than what you’re getting from your current bike insurance policy you, can easily do so without much hassle.
- No Claim Bonus- This is one facility that many people tend to overlook while renewal of insurance policy. As per rules if a person does not make a claim for one whole year, he/she is entitled to receive a discount in the following years. This builds up in the progressive years if you do not claim any insurance and can thereby lead to a reduction in premium to be paid in the successive years. Over the years the No Claim Bonus facility can reduce the premium by almost 50%. However one thing that has to be kept in mind is that it is not a ‘No blame’ discount. That is, it does not take into account whether or not you are at fault in case of an accident. Even if you are not at fault and claim the insurance you would no longer be eligible for the No Claim Bonus.
So be smart and select the correct bike insurance policy for its renewal.